Submission of F/S and Explanation for Profit Change

Translation 7 August 2009 Subject : Submission of Financial Statements for the quarter 2/2009 To : Director and Manager Stock Exchange of Thailand Enclosed please find the Interim Consolidated and Company Financial Statements of Siam Makro Public Company Limited for the second quarter ended June 30, 2009 which have been reviewed by the certified public accountant. Revenues During the 2nd quarter, 2009, gloomy economy continues and there was no clear sign of recovery as evidenced by the double digit negative export growth from same period last year as well as the downtrend in tourism sector. Several negative incidents occurred during the quarter such as political riot during Songkran holidays, flu pandemic, negative inflation which caused low consumer confidence and contraction in the economy. Nevertheless, the Company managed to achieve Baht 19,008 million consolidated revenues which rose by 0.8% from the same period last year. The growth was mainly contributed by Makro sales growth (41 stores) on same store basis, additional sales from new store (Store 42 Ram Inthra) opened during middle of June and 13% service income growth. Consolidated revenues of this quarter had no sales from Makro Office Centre and the gain from disposition of entire business of Makro Office Centre, which occurred in 2nd of quarter last year. Gross Margin The percentage of gross margin to sales was 6.1%, lower than 6.7% of the same quarter last year as a result of strong price competition in the market. Selling and Administrative Expenses Consolidated selling expenses were 3.4% less than same quarter last year as a result of efficient expense management and no Makro Office Centre's expenses. Consolidated administrative expenses were 10.6% higher than same quarter last year as a result of preopening expenses of newly opened store. Nevertheless, the percentage of selling and administrative expenses to sales was 6.2%, a slight declined from 6.4 % of the same period last year. Net Profit Consolidated net profit before tax was Baht 438 million, 32.4% drop from the same quarter last year due mainly to lack of non recurring gain from disposition of Makro Office Centre's shares and lower gross margin. Makro net profit after tax was Baht 289 million, 33.1% lower than same period last year. On comparison with the net profit after tax without gain from disposition of Makro Office Centre's shares, consolidated net profit after tax was 10.2% behind same period last year. Please be informed accordingly. Yours faithfully, Siam Makro Public Company Limited Signature (Mr. Charoen Assawajarukasem) SET Coordinator Manager